I need some help with requirement 3. CHAPTER 7: EMPLOYEE EARNINGS AND DEDUCTIONS313LO 1,2, 3, 4, 5PROBLEM 7-2A Highridge Homes has the following payroll information for the weekended February 21:*.Earnings atEnd ofDaily TimeFederalPreviousPayIncomeNameWeekWFRateTaxArthur, P.7,800.008.8.8.8.8.45.00226.78Bills, D.2,060.008.8.88.8.12.5026.00Carney, W.2,085.0088.8.8.8.12.9527.00Dorn, J.748.008.8.22.0011.00Edgar, L.2,687.008.8.8.8.8.15.0037.00Fitzwilson, G.4,150.0088.8.8.8.23.00125.00Taxable earnings for Social Security are based on the first $118,500. Taxable earnings forMedicare are based on all earnings. Taxable earnings for federal and state unemploymentare based on the first $7,000. Employees are paid time-and-a-half for work in excess of40 hours week. Round amounts to the nearest penny.perCheck FigureNet amount, $4,133.33Required1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and theMedicare tax rate is 1.45 percent. Begin payroll checks with No. 2080.2. Prepare a general journal entry to record the payroll. The firm's general ledgercontains a Wages Expense account and a Wages Payable account.3. Assuming that the firm has transferred funds from its regular bank account to itsspecial payroll bank account and that this entry has been made, prepare a generaljournal entry to record the payment of wages.LO 1, 2, 3, 4, 5d o half for hours worked inCHAPTER ASSIGNMENTS8.

In part 2, entry would have been Wages A/c $xx To Wages Payable…

Answered: I need some help with requirement 3.

Business

Accounting

I need some help with requirement 3.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need some help with requirement 3.

CHAPTER 7: EMPLOYEE EARNINGS AND DEDUCTIONS
313
LO 1,2, 3, 4, 5
PROBLEM 7-2A Highridge Homes has the following payroll information for the week
ended February 21:
*.
Earnings at
End of
Daily Time
Federal
Previous
Pay
Income
Name
Week
W
F
Rate
Tax
Arthur, P.
7,800.00
8.
8.
8.
8.
8.
45.00
226.78
Bills, D.
2,060.00
8.
8.
8
8.
8.
12.50
26.00
Carney, W.
2,085.00
8
8.
8.
8.
8.
12.95
27.00
Dorn, J.
748.00
8.
8.
22.00
11.00
Edgar, L.
2,687.00
8.
8.
8.
8.
8.
15.00
37.00
Fitzwilson, G.
4,150.00
8
8.
8.
8.
8.
23.00
125.00
Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for
Medicare are based on all earnings. Taxable earnings for federal and state unemployment
are based on the first $7,000. Employees are paid time-and-a-half for work in excess of
40 hours week. Round amounts to the nearest penny.
per
Check Figure
Net amount, $4,133.33
Required
1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the
Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080.
2. Prepare a general journal entry to record the payroll. The firm's general ledger
contains a Wages Expense account and a Wages Payable account.
3. Assuming that the firm has transferred funds from its regular bank account to its
special payroll bank account and that this entry has been made, prepare a general
journal entry to record the payment of wages.
LO 1, 2, 3, 4, 5
d o half for hours worked in
CHAPTER ASSIGNMENTS
8.

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